Two Harbors Investment Corp. (TWO) is voluntarily delisting its 9.375% Senior Notes due 2030 (TWOD) from the NYSE and withdrawing them from SEC registration. This action follows its merger with CrossCountry Mortgage, LLC, and the subsequent discharge of its obligations under the indenture, with an offer to repurchase or redeem all outstanding notes.
Two Harbors Investment Corp. is delisting its senior notes (TWOD) from the NYSE and deregistering them with the SEC. This move is a direct consequence of its recent merger with CrossCountry Mortgage, LLC, which led to the satisfaction and discharge of its obligations related to these notes. CrossCountry Intermediate HoldCo, LLC has initiated an offer to repurchase all outstanding notes at a premium, and any remaining notes will be redeemed in May 2027. This event primarily affects holders of the TWOD notes, as they will no longer be publicly traded and will be either repurchased or redeemed. For Two Harbors, it streamlines its financial structure post-merger by eliminating reporting obligations for these notes. The short-term implication for noteholders is the forced sale or redemption of their investment, while the long-term implication is the removal of this debt instrument from public markets. Traders holding TWOD should be aware of the upcoming delisting and redemption dates.